Introduction
Tax season can be a stressful time of year for many people. Between organizing all your financial documents and filing on time, there’s plenty to keep track of. One of the biggest questions people have during tax season is “how long does it take to get a tax refund?”
The answer depends on a variety of factors, including when you filed, the method you used to submit your return, and any errors or omissions in your paperwork. In this article, we’ll explore the average time it takes to receive a tax refund, as well as tips and advice on how to speed up the process.
Exploring the Average Time it Takes to Receive a Tax Refund
The Internal Revenue Service (IRS) processes more than 150 million individual tax returns each year, so it’s not surprising that the exact amount of time it takes to receive a refund varies. According to the IRS, most taxpayers who file electronically will receive their refunds within 21 days. The agency also notes that about 75% of taxpayers receive their refunds within 10 days of filing.
In its 2019 “Data Book” report, the IRS reported an average processing time of 9.5 days for electronically-filed returns and 17.5 days for paper returns. Of course, these numbers are just averages—some taxpayers may receive their refunds sooner, while others may have to wait longer.
A Guide to How Long You Can Expect to Wait for Your Tax Refund
While the average processing time for a tax refund is relatively short, there are several factors that can impact the timing of your refund. Here’s a quick guide to help you understand the timeline for receiving your tax refund.
Standard Processing Times
Most tax returns are processed within 21 days of being filed. Some taxpayers may receive their refunds sooner, while others may have to wait a bit longer. If you filed your return electronically and chose direct deposit, you may receive your refund in as little as 8 days.
Fast-Track Options
If you need your refund faster than the standard timeline, there are several options available. The IRS offers a few different fast-track options, such as the “Where’s My Refund?” tool, which allows you to check the status of your return online. The IRS also offers the “Direct Pay” option, which allows you to pay your taxes directly from your bank account.
Unpacking the Factors That Affect Tax Refund Processing Times
As mentioned earlier, several factors can influence the timing of your tax refund. Here are some of the most common causes of delays:
Common Causes of Delays
One of the most common causes of delays is incorrect information on your return. If your return contains errors or omissions, the IRS may need to verify certain information or contact you for further clarification, which can delay the processing of your refund.
Another potential cause of delays is fraud. To prevent fraudulent activity, the IRS runs every return through a series of filters before issuing a refund. These filters can detect suspicious activity and require additional steps to confirm your identity and the accuracy of your return.
Errors and Omissions
Errors and omissions are another common cause of delays in refund processing. According to the IRS, even simple mistakes like incorrect Social Security numbers or incorrect bank routing and account numbers can slow down the process. It’s important to double-check your return before submitting it to ensure all information is correct.
When Can You Expect to See Your Tax Refund?
The timing of your tax refund depends on a variety of factors, including when you filed, the method you used to submit your return, and any errors or omissions in your paperwork. Generally speaking, most taxpayers who file electronically will receive their refunds within 21 days.
Factors That Affect the Timing of Your Refund
There are several factors that can affect the timing of your refund. These include when you filed your return, the method you used to submit your return, and any errors or omissions in your paperwork. Additionally, the IRS runs every return through a series of filters to detect suspicious activity, which can delay the processing of your refund.
Tracking Your Refund
If you want to stay informed about the status of your refund, the IRS offers a “Where’s My Refund?” tool, which allows you to check the status of your return online. You can also call the IRS directly to inquire about the status of your refund.
What to Do If Your Tax Refund is Taking Too Long
If your tax refund is taking longer than expected, there are a few steps you can take. First, check the status of your return using the “Where’s My Refund?” tool. If your return has been processed and you haven’t received your refund yet, you may need to contact the IRS for further assistance.
Contacting the IRS
If you need to contact the IRS for assistance with your refund, you can call the agency’s toll-free customer service number at 800-829-1040. You can also visit the IRS website for additional information and resources.
Understanding Your Rights
It’s important to remember that the IRS is required by law to issue refunds within 45 days of receiving your return. If you don’t receive your refund within this timeframe, you may be entitled to interest payments from the IRS. For more information, consult the IRS website or speak to a tax professional.
Tips for Speeding Up the Tax Refund Process
Filing early and double-checking your return are two of the best ways to ensure a speedy refund. Here are a few other tips to help you get your refund faster:
Filing Early
The earlier you file your return, the sooner you’ll receive your refund. The IRS recommends filing your return as soon as possible to ensure that your refund is processed quickly.
Double-Checking Your Return
Before submitting your return, double-check all of the information to make sure everything is accurate. Incorrect or missing information can delay the processing of your refund.
Keeping Accurate Records
It’s important to keep accurate records of all your financial transactions throughout the year. This will make it easier to prepare and file your return accurately and on time.
Conclusion
Tax refunds can be an important source of income for many taxpayers. Understanding the factors that affect the timing of your refund and taking steps to ensure that your return is filed correctly can help you get your refund faster. By following the tips outlined in this article, you can speed up the process and get your refund sooner.
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